Your total mortgage payment consists of the principal, interest, property taxes, homeowners insurance and mortgage insurance (if applicable). If you’re considering buying or refinancing your home, there are some ways that you may be able to lower your total mortgage payment. [Read more…]
Tips for Lowering Your Mortgage Payment
May 17, 2024 by Leave a Comment
Mortgage Payment Breakdown
January 23, 2019 by Leave a Comment
Your mortgage payment typically includes principal and interest and may also include property taxes, home owners insurance. This is often referred to as PITI in the mortgage industry (principal, interest, taxes and insurance). If you have less than 20% down payment or home equity, then you probably have some form of mortgage insurance as well (unless you qualify for a VA mortgage). Some portions of the mortgage payment may change over time. [Read more…]
Can I Pay My Own Taxes & Insurance?
February 8, 2007 by 1 Comment
Unless you have 20% or more of equity in your home, chances are you have an escrow account (also referred to impounds or reserves) for your home owners insurance and property taxes. Lenders want to make sure that they reduce risk by requiring taxes and insurance to be included in your monthly mortgage payment. Property taxes are one of the few items that can take precedence over lien position in the event they were to not be paid. Your first mortgage wants to stay just that, a first mortgage (in the event of a worse case scenario, foreclosure).
Recent Comments